News | 8 Min Read
Posted on: Friday February 12, 2021Reading Time: 8 minutes
Jeff Bezos recently announced that he would withdraw from his position as Amazon’s CEO. While Amazon is an eCommerce giant of the era, this statement from its founder is surprising. However, according to tech experts, it’s a significant development on the industry level. Amazon is a result of Jeff’s ideas and ideals. According to The Guardian, his constant efforts towards unfolding ‘customer ecstasy’ turned him into one of the wealthiest people in the world.
In his statement about switching careers, Jeff said that he would now be focusing on The Washington Post, which he took over in 2013. Along with it, his major concern would be Blue Origin, his rocket company. Jeff expressed his interest in devoting more time to the Bezos Earth Fund, which is meant to support activists, scientists, and non-governmental organizations to deal with various environmental problems.
Bezos’ Significance For Amazon
Bezos found Amazon in 1994 when he was a finance nerd in Wall Street. He claimed that the internet is going to change things drastically in the future. If you didn’t know, it was Bezos who initiated the sale of online books. Because of his efforts, Amazon is one of the biggest companies in the world and the largest contributor to Big Tech. It is worth $1.7 trillion now. During the last 27 years, Jeff transformed the view of shopping and offered employment to more people than any other American Company.
Andy Jassy is supposed to be Amazon’s new chief executive. Andy has led AWS right from the beginning. Certainly, experts believe that now AWS would be more important to Amazon. Amazon has experienced remarkable growth in terms of its web hosting solutions/cloud hosting for the last 15 years. However, Bezos will remain a part of Amazon’s board of directors as the biggest shareholder. According to a report from The New York Times, he owns 10.6 percent shares of the company.
The Surprising Flight Of Cloud Computing
With the pandemic, there was an increase in the demand for web hosting solutions and other cloud technologies, which led to speedy growth in AWS’s business. While most of the businesses moved online, cloud became a necessity. There was a dramatic hike in the demands for solutions and services by AWS across the industry.
Amazon Web Services started as a tiny startup under Andy Jassy. However, half of Amazon’s profits are now generated through AWS. From Netflix to slack, the company supports almost everything. Cloud and web hosting solutions have been the ones to bring up a second wave of digital transformation in the middle of the pandemic.
Bezos’ Efforts Towards Amazon’s Expansion
It’s because of Bezos’ ideas that consumers can hardly avoid using Amazon’s services. While this is a remarkable achievement, Bezos has lived by his ambition to dominate the global economy. The notable fall in the values of top American retail companies when Amazon took over Whole Foods in 2017 proved it.
When in 2018, Amazon acquired PillPack, the online pharmacy marketplace, the investors in the traditional pharmacy industry got worried. Online medicine market places are operating all over the world, after all. Amazon’s healthcare partnership with JPMorgan Chase and Berkshire Hathaway was another major move. The collaboration was initiated to offer insurance to the company’s employees.
Understanding Bezos’ Ideas
“Relentless” is the word that Bezos loves. In fact, he registered the company as “relentless.com”; however, he switched to Amazon later. It is also the part of corporate values that Amazon follows. Jeff liquidates a substantial amount of his Amazon’s stocks and transfers it to Blue Origin, which he founded in the year 2000.
Blue Origin works on developing technologies regarding space travel and future settlement of humanity on planets other than earth. Bezos highlighted his interest in these activities during his speech in 2009. Bezos will now be able to focus on various other projects that Blue Origin is working on.
An Insight Into The Future
Amazon will have to face multiple challenges now that Bezos is leaving an important position at a crucial time. At this time, Amazon is under the continuous scrutiny of government agencies and lawmakers around the world. You may not need to turn many pages of the past. In November 2020, the European Union filed antitrust charges against Amazon for violating competition laws.
When Bezos steps down, Amazon will get a chance to create a different public image. According to the ones who have worked with Andy Jassy, the upcoming CEO is gentler in terms of temper and more low key than Jeff Bezos. The future for Amazon seems to be safe from the dark anyway.